"U.S. Trade Representative Jamieson Greer announced that the U.S. agreed to drop its tariff rate on Chinese goods by 115 percentage points to 30% as part of a deal."
"Treasury Secretary Scott Bessent emphasized that both delegations are committed to maintaining trade relations, as high tariffs could lead to a complete blockade."
U.S. and Chinese officials have reached a significant agreement to roll back tariffs and enter a 90-day truce to allow for further trade negotiations. U.S. Trade Representative Jamieson Greer announced a reduction in the U.S. tariff rate on Chinese goods from 145% to 30%, while China reciprocated with a reduction to 10%. This crucial deal, fostering optimism in stock markets, aims to prevent a trade blockade and is a step towards balancing trade relations and resolving ongoing disputes between the two largest economies.
Read at www.mercurynews.com
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